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The Cato Corporation reports retail operating results for its specialty apparel and accessories business under the Cato, Versona and It's Fashion concepts. The company sells value-priced fashion apparel, shoes, jewelry, handbags and related accessories through stores and e-commerce, with a store base operating across 31 states.
Recurring news covers quarterly and full-year earnings, sales and same-store sales, gross margin, distribution and buying costs, SG&A expense, tax items and store openings, relocations or closures. Company updates also address merchandise flow, supply chain costs, weather effects, tariff pressure, discretionary spending trends and board actions involving the regular quarterly dividend.
The Cato Corporation reported a net loss of $3.0 million or ($0.14) per diluted share for the fourth quarter ended January 28, 2023, an improvement from a net loss of $6.5 million or ($0.30) per diluted share in the same quarter of 2022. Full-year fiscal 2022 net income dropped to $0.0 million compared to $36.8 million in 2021. Sales grew by 2% in Q4 to $177.5 million despite a 1% decline in annual sales to $752.4 million. The gross margin decreased from 36.9% to 31.3% year-over-year due to markdowns and rising costs. The company plans to open up to 30 new stores while closing up to 50 in 2023, anticipating minimal financial impact.
The Cato Corporation (NYSE: CATO) declared a quarterly dividend of $0.17 per share, payable on April 3, 2023, to shareholders of record on March 21, 2023. This equates to an annualized dividend of $0.68, offering a yield of 7.4% based on the closing price on February 23, 2023. Additionally, the Board authorized an increase of 1,000,000 shares for its share repurchase program, previously capped at 135,000 shares. CEO John Cato emphasized that this decision aims to enhance long-term shareholder value while maintaining financial flexibility for dividends and growth initiatives.
The Cato Corporation (NYSE: CATO) has declared a regular quarterly dividend of $0.17 per share, payable on January 3, 2023, to shareholders on record by December 23, 2022. This dividend yields an annualized rate of 6.7% based on the closing price of $0.68 on November 17, 2022. As a prominent specialty retailer, Cato operates under three concepts—Cato, Versona, and It's Fashion—offering value-priced apparel and accessories that deliver fashion quality comparable to mall stores.
The Cato Corporation (NYSE: CATO) reported a net loss of $4.5 million or ($0.21) per diluted share for Q3 2022, contrasting sharply with a net income of $8.6 million or $0.39 per diluted share in Q3 2021. Sales rose 3% to $174.9 million, while same-store sales also increased by 3%. For the nine months ending October 29, 2022, net income was $3 million or $0.14 per share, down from $43.3 million or $1.93 per share year-over-year. Despite challenges from inflation affecting discretionary spending, the company opened 7 new stores during the quarter, totaling 1,317 stores across 32 states.
The Cato Corporation (NYSE: CATO) has declared a $0.17 quarterly dividend, payable on September 26, 2022 to shareholders of record on September 12, 2022. This dividend translates to an annualized payment of $0.68, reflecting a yield of 5.8% based on the market closing price on August 25, 2022. Cato operates three retail concepts: Cato, Versona, and It's Fashion, focusing on value-priced fashion apparel and accessories. The company's strategy emphasizes exclusive merchandise at competitive prices.
The Cato Corporation (NYSE: CATO) reported a net loss of $2.3 million or ($0.11) per diluted share for Q2 2022, a significant decline from a net income of $14.0 million or $0.62 per diluted share in Q2 2021. Sales dropped by 5% to $195.0 million compared to $206.0 million a year earlier. Year-to-date, net income fell to $7.4 million or $0.35 per diluted share from $34.7 million or $1.54 per diluted share in the same period last year. Inflation and supply chain issues pressured sales and margins, indicating challenges ahead for the remainder of the year.
The Cato Corporation (NYSE: CATO) has declared a quarterly dividend of $0.17 per share, payable on June 27, 2022, to shareholders on record as of June 13, 2022. This dividend, annualized at $0.68, represents a yield of 5.4% based on the closing price on May 19, 2022. Cato is a prominent retailer offering fashionable apparel and accessories through its brands: Cato, Versona, and It's Fashion, providing exclusive merchandise at competitive prices.
The Cato Corporation (NYSE: CATO) reported a net income of $9.7 million or $0.46 per diluted share for Q1 ending April 30, 2022, a decline from $20.7 million or $0.92 per diluted share in the same quarter last year. Sales decreased 3% to $204.9 million, with same-store sales down 2%. The gross margin fell from 41.5% to 35.5% due to lower merchandise margins. While SG&A expenses as a percentage of sales improved slightly, challenges from supply chain disruptions, inflation on consumer spending, and labor market issues persist. The company opened 4 new stores, bringing its total to 1,315.
The Cato Corporation (CATO) reported a net loss of $6.5 million for Q4 FY2021, an improvement from a $8.3 million loss in Q4 FY2020. Full-year net income was $36.8 million compared to a $47.5 million loss in 2020. Q4 sales increased by 13% to $173.6 million, but decreased 8% compared to Q4 FY2019. For FY2021, total sales grew 34% to $761.4 million, though 7% lower than FY2019. The company plans to expand by opening up to 30 new stores while closing up to 25 in 2022. Supply chain issues and inflationary pressures are anticipated to persist.
The Cato Corporation (CATO) declared a quarterly dividend of $0.17 per share, payable on April 4, 2022. This represents an annualized dividend of $0.68 or a yield of 4.0% based on the closing price on February 24, 2022. Additionally, the Board authorized a 1,000,000 share increase in its share repurchase program, with approximately 379,000 shares remaining prior to this announcement. The CEO stated that this increase aims to enhance shareholder value while maintaining financial flexibility for dividends and growth initiatives.